-- Brixton Metals (BBB.V) late on Friday said it has closed a non-brokered private placement offering of national flow-through shares and critical mineral flow-through shares for combined gross proceeds of C$4.0 million.
The offering is composed of 1.1 million national flow through shares at $1.35 apiece and 1.8 million critical mineral flow-through shares at $1.44 apiece.
The proceeds from the sale of FT shares will be used to incur "Canadian exploration expenses" and "flow-through mining expenditures" as defined in the Income Tax Act (Canada).
The proceeds from the sale of CMFT shares will be used to incur "flow-through critical mineral mining expenditures" as defined in the Act.
Exploration expenditures are mainly for exploration and drilling at the company's Thorn copper-gold project in British Columbia and the Langis silver-cobalt project in Ontario.
The company also paid $30,000 and issued 20,833 non-transferable common share purchase warrants to an arm's length party who assisted in introducing a subscriber to the offering. Each compensation warrant is exercisable to acquire one common share in the capital of the company at an exercise price of $1.44 until April 10, 2028.